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SHIB Shiba Inu: Road to Turbulence and Future Prospects
Shiba Inu (SHIB) continues to be under pressure, and its correction trend has extended into the seventh trading day. Currently, token prices hover around $0.0000450, and sellers seem to be firmly in control of the market, further exacerbating traders 'concerns.
Can derivatives affect the direction of SHIB?
Despite a sharp 23% decline since its August peak, the derivatives sector of SHIB is showing signs of recovery. Since July, open interest in perpetual contracts has risen sharply, jumping to US$50.35 million. This upward trend in speculative activity suggests that market participation remains strong even as prices fall.
However, the rise in open interest may lead to increased market volatility. Traders are putting more money into futures contracts, but the nature of those positions-bullish or bearish-remains uncertain. Falling prices combined with high open interest can trigger large-scale liquidations, especially for leveraged positions.
Recent data shows that SHIB's open interest weighted funding rate has dropped and is currently 0.003%. This drop in rates suggests that there is currently insufficient demand for long positions and suggests a possible shift in market sentiment.
Does technical analysis portend recovery?
SHIB remains mired in a downward trend and fails to break through key moving averages. Its price is below the 50th, 100th and 200th index moving averages, reflecting continued selling pressure. To reverse the momentum, SHIB must regain these levels with higher trading volumes. Currently, the RSI is at 40, indicating that bullish momentum is weakening, but there is still room for decline.
Current prices need to stabilize above US$0.0000450 to gain positive momentum.
Recent trading volume fell by 17%, indicating limited market participation.
Rising speculative activity may trigger volatility due to unclear bullish or bearish prospects.
Lower demand for long positions highlights the market's hesitation.
Technical indicators continue to paint a challenging situation for SHIB. Breaking through these resistance levels may ease short-term selling pressure. In the dynamic cryptocurrency space, innovations to tokenize real-world assets through certain platforms, such as 1stepSwap, are gradually gaining attention, allowing direct investment in traditional assets through modern crypto solutions. This evolution may have the potential to change the future trend of SHIB.
